Overview of KASE's GS Market in July 2025
/KASE, August 8, 2025/ – Kazakhstan Stock Exchange (KASE ) presents a brief overview of the government securities (GS) market based on the results of July 2025.
As of the end of July 2025, the "Government securities" sector of KASE contains 111 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 98 issues of MEKAM and 13 issues of Eurobonds, one issue of notes of the National Bank of the Republic of Kazakhstan, 206 issues of bonds of local executive bodies and 65 issues of bonds of foreign states.
According to the results of July, the total volume of government securities trading on KASE amounted to 854.9 bn tenge ($1.6 bn) and increased by 11.6 % or 88.8 bn tenge compared to June. The average daily trading volume amounted to 38.9 bn tenge (on the secondary market – 5.6 bn tenge), the average daily number of transactions – 17 (on the secondary market – 9), the average volume of one transaction – 2.4 bn tenge (on the secondary market – 0.6 bn tenge).
In July, 170 transactions were concluded on the primary market for a total of 731.5 bn tenge ($1.4 bn), which is 16.1 % or 101.5 bn tenge higher than last month:
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Currency of denomination Trading Trading Bid to ask Average Term to
volume, volume, weighted maturity,
Offering bn KZT mln USD Yield, % years
date Trade code ISIN
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01.07.2025 KZ_24_3207 XS3093655341 USD 89.1 171.5 56.4 % 5.0 7.0
KZ_25_3707 XS3093658014 USD 18.3 35.2 13.0 % 5.5 12.0
MKM012_0161 KZK100000423 KZT 33.9 65.2 x2.8 16.88 0.9
MUM180_0009 KZKD00000717 KZT 53.9 103.7 х2.4 16.88 3.4
MUM240_0001 KZKD00000550 KZT 20.2 38.9 90.4 % 16.67 6.8
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08.07.2025 MUM096_0015 KZKD00001301 KZT 23.3 44.8 119.1 % 16.99 7.9
MUM180_0011 KZKD00000790 KZT 66.4 127.8 х2.1 16.97 4.1
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14.07.2025 ASK022_015 KZZJ00000151 KZT 7.8 15.0 100 % 4.24 1.8
15.07.2025 MUM192_0002 KZKD00000543 KZT 84.7 161.6 х8.0 16.85 2.8
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16.07.2025 UTK024_223 KZMJ00002236 KZT 0.6 1.1 100 % 0.35 2.0
ZKK024_222 KZMJ00002228 KZT 0.7 1.3 100 % 0.35 2.0
------------- ----------- ------------ ------------------------ ---------------------- ----------------------- ---------- ----------------- -------------
18.07.2025 JTK120_225 KZMJ00002251 KZT 6.0 11.3 100 % 18.2 10.0
KSK120_226 KZMJ00002269 KZT 1.4 2.6 100 % 18.2 10.0
PVK120_228 KZMJ00002285 KZT 0.5 0.9 100 % 18.2 10.0
SKK120_229 KZMJ00002293 KZT 0.4 0.7 100 % 18.2 10.0
------------- ----------- ------------ ------------------------ ---------------------- ----------------------- ---------- ----------------- -------------
VKK120_227 KZMJ00002277 KZT 1.2 2.3 100 % 18.2 10.0
ZKK120_231 KZMJ00002319 KZT 5.5 10.4 100 % 18.2 10.0
22.07.2025 MUM108_0015 KZKD00001277 KZT 6.3 11.8 57.7 % 16.80 8.6
MUM156_0006 KZKD00000964 KZT 62.4 117.8 189.8 % 16.92 5.8
MUM192_0001 KZKD00000477 KZT 57.1 107.8 х2.0 16.93 2.2
------------- ----------- ------------ ------------------------ ---------------------- ----------------------- ---------- ----------------- -------------
28.07.2025 MTC048_0001 KZKF00000012 KZT 29.0 53.2 134.5 % TONIA,TCI+0.98 4.0
MUM072_0013 KZKD00001145 KZT 121.9 223.6 х2.5 17.01 1.8
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30.07.2025 AIK024_214 KZMJ00002145 KZT 1.6 3.0 100 % 0.35 1.8
ASK024_016 KZZJ00000169 KZT 1.3 2.5 100 % 0.35 2.0
KOK024_216 KZMJ00002160 KZT 2.6 4.7 100 % 0.35 1.8
KSK024_211 KZMJ00002111 KZT 2.7 4.9 100 % 0.35 1.7
VKK024_218 KZMJ00002186 KZT 1.2 2.3 100 % 0.35 1.8
------------- ----------- ------------ ------------------------ ---------------------- ----------------------- ---------- ----------------- -------------
31.07.2025 AIK120_234 KZMJ00002343 KZT 0.5 0.9 100 % 18.2 10.0
ATK120_233 KZMJ00002335 KZT 0.2 0.3 100 % 18.2 10.0
JTK120_224 KZMJ00002244 KZT 1.8 3.3 100 % 18.2 10.0
KOK120_236 KZMJ00002368 KZT 4.5 8.2 100 % 18.2 10.0
MGK120_235 KZMJ00002350 KZT 1.8 3.2 100 % 18.2 10.0
SKK120_230 KZMJ00002301 KZT 1.8 3.3 100 % 18.2 10.0
UTK120_237 KZMJ00002376 KZT 0.7 1.3 100 % 18.2 10.0
VKK120_232 KZMJ00002327 KZT 20.4 37.3 100 % 18.2 10.0
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TOTAL 731.5 1,383.9
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In terms of the main categories of investors in the primary market, banks accounted for 48.7 %, broker-dealer organizations – for 0.2 %, other institutional investors accounted for 32.0 %, other legal entities – for 19.1 %, and individuals – for less than 0.1 %. The share of non-residents in trading on the primary government securities market was 0.8 %.
In July, 193 transactions were concluded on the secondary market for a total of 123.4 bn tenge ($232.1 mln), which is 9.3 % or 12.6 bn tenge lower than last month.
In terms of the main categories of investors on the secondary market, banks accounted for 51.0 %, broker-dealer organizations – for 1.4 %, other institutional investors – for 17.1 %, other legal entities – for 27.8 %, and individuals – for 2.8 %. The share of non-residents in trading on the secondary market of government securities in July was 15.2 %.
According to the results of July, the indices of government securities demonstrated the following changes:
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Change
Value per month,
as of 30.07.25 tenge / b.p.
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Indices of "clean" prices, tenge
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KZGB_CPs with maturity of up to 1 year 1,176.46 +8.92
KZGB_CPm with maturity of 1 to 5 years 916.62 -4.55
KZGB_CPl with maturity of over 5 years 758.37 -73.26
KZGB_CPm1m with maturity of 31 days and up 870.53 -39.47
KZGB_CP without segmentation term 896.93 -43.10
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Indices of "dirty" prices, tenge
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KZGB_DPs with maturity of up to 1 year 1,388.03 +22.37
KZGB_DPm with maturity of 1 to 5 years 1,186.47 +4.97
KZGB_DPl with maturity of over 5 years 991.05 -85.94
KZGB_DPm1m with maturity of 31 days and up 1,053.54 -34.78
KZGB_DP without segmentation term 1,054.36 -40.76
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.33 +6.00
KZGB_Ym with maturity of 1 to 5 years 16.74 +12.00
KZGB_Yl with maturity of over 5 years 16.33 +182.00
KZGB_Ym1m with maturity of 31 days and up 16.56 +95.00
KZGB_Y without segmentation term 16.56 +93.00
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[2025-08-08]